The AASB has released Amending Standard AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments. AASB 2007-4 implements the vast majority of the proposals in AASB Exposure Draft ED 151 Australian Additions to, and Deletions from, IFRSs and also includes other editorial amendments and corrections due to equivalent IASB changes.

The amendments made by AASB 2007-4 bring Australian equivalents to International Financial Reporting Standards (A-IFRS) much closer to their IFRS equivalents – in all, 34 different Standards are affected to some degree by the Amending Standard.  New accounting policy options are introduced and a large number (but not all) of the Australian-specific disclosures and requirements have been eliminated.

In this Accounting alert, we provide some guidance on the application of the Amending Standard and discuss a number of associated issues.  In addition, the Appendices provide a detailed summary of all the non-editorial changes and their impacts on the various Standards, providing a checklist for people to utilise in their consideration and implementation of AASB 2007-4.

Download Accounting alert 2007-09 below.

Links

• Amending Standard AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 and Other Amendments (from the AASB web site, PDF 291kb)
• Accounting alert 2007/07 – outcomes from the April 2007 AASB meeting discussing the Board's finalisation of the Amending Standard
• Accounting alert 2007/06 – the AASB’s consideration of comment letters received on ED 151
• Accounting alert 2007/05 – our submission on ED 151
• Accounting alert 2006/14 – a summary of the proposals in ED 151

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